PM Lathe & Mill Selections - (Novice)

+1 to what Aaron_W is saying. You can definitely learn a lot and do fun hobby projects with tools in the 7x16 lathe and G0704 / PM-25MV mill size range. Yes they have limitations, yes bigger or nicer tools will let you do more, but this is true of any hobby tool.
 
Something to consider is that tooling costs for lathes is corelated to size. An AXA-size toolpost is less expensive than a BXA-size toolpost. Likewise the tool holders.
 
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